everything we've heard suggests it might not last. maria: what do you think? >> we but very careful before you resign. the economy is running into trouble and you may have more time listening to that song than you might like. maria: things can turnaround on a dime. >> listen and dance to it but do not take beyonce's job seeking advice. maria: this is a fantastic force , great to see you all have a great day, "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. inflation has rattled consumers and rattled the markets, now comes the blame game. today, the biden team goes after the oil companies. big oil executives will meet energy secretary jennifer granholm. look after 18 months of bashing the energy industry, biden now wants them to increase refining capacity. oh, that's fine but you can't just snap your fingers and do that in the short-term and it is his green policies that caused our energy crisis in the first place, that's my opinion. biden also wants to suspend the

$0.18 per gallon federal gas tax and $0.24 per gallon diesel tax until september. congress would have to agreement if they don't. president can blame republicans. all of this has at least cut the price of oil. it is down to what $102 a barrel as of this morning down sharply. gas, well that's dropped $0.01 the average nationwide is now 4.95 for regular. diesel, holding on to its record high still at 5.81. all right, now here is the rest of the market action. the dow up what, 600 tuesday, big retreat today, back down 400 , so up yesterday, down this morning. s&p the nasdaq exactly the same story. the nasdaq is down 164. bitcoin, struggling to hold the $20,000 level. a reversal for the cryptos as well as stocks this morning. senator joe manchin making news after a top level meeting with other democrats, manchin emerged to say he didn't want anymore

big spending. build back better, he said, is gone, his word. politics. a big win for trump-backed candidate katie britt in alabama who crushed mo brooks a big loss for trump backed candidate vernon jones, lost badly to mike collins. leslie vega is hispanic and a former police officer, won her race in virginia and so did jen kiggins, a former helicopter pilot and then there's this. someone leaked the news that kamala harris couldn't find enough people to pay $15,000 to have their picture taken with her so the price was cut to $ 5,000. that is embarrassing for the vice president, but who leaked it? it shows the vicious in-fighting of the democrats maneuver for 2024. wednesday, june 22, 2022. "varney" & company is about to

begin. ♪ stuart: okay let's go. that is sixth avenue in new york city. that is "lady" by the commodore s, new to me but what the hell. lauren: i know the song. stuart: i shouldn't start out like this everyday, but i do. lauren: it's fun. stuart: i am indeed. it's fun to be here. people are on edge. lauren: you're turning up the heat. inflation is at a record high that's your second line. stuart: shall we start again? people are on edge, inflation is at record high, gas prices near their record, yeah, the white house seems to be on a different page than the rest of us. what are they now saying? the white house, this is, the biden team, what are they saying about a recession. lauren: what recession? recession? you're talking about a transition. >> right now, we don't see a recession right now.

that is not, we're not in a recession right now. right now, we're in a transition where we are going to go into a place of stable and steady growth and that's going to be, that's going to be our focus. lauren: oh, she stumbled just as much as the president on that , and you know, everyone's talking, the white house is talking about this transition now. do americans trust their policies for the transition? wherever the transition leads us to, do you trust that it's going to be worth it? stuart: good question. lauren: i don't. stuart: i don't think a lot of people do trust it's going to be worth it. there's a lot of pain being inflicted because of this transition. lauren, let's get to the futures market and see what we got going for us this morning. it is wednesday and we're down 400 on the dow at the opening bell, we're up 600 yesterday. eddie ghabour, star commentator back with us this morning. all right, eddie. we're selling off after yesterday's rally. is the fed the reason you expect a lot more selling? >> they're one of the reasons. there's two things we're wapping

very closely here in the near term. one is earnings. we still think that earnings are going to really disappoint in a big way and i think you're going to start to see companies start guiding down as we go over the next couple of weeks so we're going to start getting that data in the next couple weeks so that's concern number one. concern number two is the fed continues to feed us this narrative that the economy is strong, the consumer is strong and that we can handle rate hikes. i could not disagree more. i can't express enough how concerned i am with the next leg down coming in the next few weeks, if the fed tightens into this acceleration we're seeing in a slowdown. anyone that thinks this economy is not going down and in a bad way, is not in touch with reality. the consumer is hurting really bad and that's going to get reflected in earnings and if they ignore the macroeconomics behind it and just continue to tighten we're going to go down and take a next leg down in my

opinion, and that's why we're not chasing this , and lastly, these so-called bear bounces we're getting, it's on very low volume so there is not a lot of conviction on these up days and on down days volume is exploding so this is a bear market and this is only a few months into it, so we have a ways to go here stuart: when do you think it might be good opportunity to do some buying? obviously not now because i think you say sell into every rally that comes along but when do we actually get down to doing some buy. anytime this year? >> i do think it's going to be this year, stuart. there's no doubt in my mind in regards to my opinion that we are in a recession and are heading into a recession. this market will bottom before it's a technical definition of a recession so i think late third quarter at the earliest, but more than likely fourth quarter because i think that's going to coinside with the fed having to pivot. i believe the economy is going to deteriorate enough that it's going to have them call these rate hikes that they continue to condition us for.

i just don't see anyway possible in regards to how these rate hikes are going to accomplish anything positive, so this inflation that they're worried about, these rate hikes aren't going to change the cost of food or the cost of fuel and so a lot of things are already disinflating so fourth quarter because i think it's going to coinside with them having to pivot to how much this economy is really deteriorating. stuart: i can wait until the winter if i have to. eddie ghabour, thanks very much indeed. see you again soon. the ceo of chevron fired back at the administration over their criticism of big oil. president biden responded by mocking the chief at chevron. tell me more. lauren: yeah, and that ceo is mike worth and he said this in a letter to the white house, i'm quoting. your administration has largely sought to criticize and at times villify our industry. these actions are not beneficial to meeting the challenges we face and are not what the american people deserve. he is saying stop the hostility but the president almost got more hostile.

>> i didn't know they get their feelings hurt that quickly. look, we need more refining capacity. this idea that they don't have oil to drill and to bring up is simply not true. this piece of the republicans talking about biden shutting down fields, wrong. there's 9,000 of them. we ought to be able to work something out whereby they're able to increase refining capacity and still not give up on transitioning to renewable energy. stuart: oh, man, how wrong can you be. sorry don't mean to interrupt but go ahead. lauren: and that's the rub. chevron and others are doing exactly what the white house wants them to do. they've increased production. if you go through this letter, chevron says record volume last year and then they're putting that capital back in the ground. capex to grow over 50% from last year, and they have zero guarantee from the government that this investment is worth it , because of the transition to

renewables, so they're taking the risk and they're getting insulted for it. stuart: exactly. i've lived in america for nearly 50 years and in each of those 50 years big oil has come in for some stick from democrats, and it never does a blind bit of good, ever. okay, i'm going to move on. this is good. senator joe manchin says build back better is gone. roll that tape. >> i'm not going to spend any more money i can assure you that we're in $30.5 trillion of debt. we've got to get our debt under control. if you want to get inflation under control, control your debt >> are you and leader schumer still talking about build back better? specifically about build back better? >> no build back better. it's gone. stuart: oh, did you hear that? there's no build back better. it's gone. jason chaffetz with me now. you heard the senator. build back better, gone. do you believe it? >> yeah, i think the senator is right on that, but let's be careful here. there are other bills that are in the mix that spend billions and billions of dollars, and

what never enters the discussion , stuart, is where are we going to cut? what are we going to cut in other places? how come there isn't something, are you telling me out of the trillions and trillions and trillions of dollars there isn't somewhere we can actually cut some spending, senator? that's what's missing in this equation. stuart: you'll never, ever see spending cuts from this administration. that is just my opinion, but i think they've got a track record of increasing spending. let's move on. president biden calls for three-month suspension of the federal gas tax. former president obama called that a gimmick. what do you make of it? >> president obama is right on it. it is a total gimmick. it is not meant to do anything other than be able to have a talking point. it doesn't solve the underlying problem. shame on joe biden to suggest to chevron or anybody else out there in the marketplace that refining capacity is just something that you can flip a switch on and make happen. they have absolutely no clue how

the industry actually works and instead of having, i call it operation lightning strike, do something like trump did to bring back a vaccine. biden doesn't actually want to solve this problem. tapping into the strategic petroleum reserve? doing the gas tax holiday? those do nothing to actually solve the underlying problem of being able to produce more and be energy-independent. stuart: they don't want to close the border. they love $5 gas. that's my opinion. jason chaffetz, thanks for being with us. >> exactly right. stuart: i think it's the way it is. jason, thank you, sir see you again later. travelers really struggling with widespread flight cancellations and delays. some southwest airlines pilots have setup picket lines, lauren? lauren: 1,300 of them are picket ing and we have video, you can see them in these crisp white uniforms i say that because i think it makes them look more serious. they are right outside of luv field in dallas. in the process of negotiating a contract and they have been doing that for two years . this stuff takes time but right

now because demand is so strong we've seen all these delays, all these cancellations and they are just as mad as we are about it so the union says look, almost one-third of our pilots are being reassigned daily. that disrupts them, that disrupts you so this protest is coming as summer demand remains strong. southwest today lifted its guidance for how many seats it can fill. 87%, that's how many it could fill so if you have a problem a snafoo at the airport i think that's a lot of passengers to re book or accommodate. stuart: i wonder if a picket line is a prelude to a strike or a job action to some sort. that would really be disruptive that's for sure. check futures, we are what, 18 minutes away from the opening bell, huge rally yesterday, big sell-off this morning. coming up, president biden says he needs more money to fight a second pandemic. roll tape. >> we do need more money, but we don't just need more money for vaccines for children eventually. we need more money to plan for

the second pandemic. there's going to be another pandemic. stuart: okay they really want to spend a lot more of your money don't they. a record number of illegals apprehended last month at our southern border including over a dozen people on the fbi's terror watch list. texas congressman dan crenshaw is next. ♪

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lauren: then there's a bridge right behind that tall thing. stuart: that picture has it all and it's dallas, of course. it's going to get hot there today, at 99 degrees could be 100. the newly-elected texas congresswoman mayra flores taking direct aim at democrats and how they handle the latino community. roll tape. >> texas has always been conservative. we're all about faith and family and hard work. that's exactly who we are, but the democrat party took us for granted. they feel entitled to our vote, making the same promises over and over, and really not making nothing happen, and i honestly had enough. i was really fed up with south texas and that's the reason i decided to run. stuart: fascinating. we need a texas congressman and we've got one his name is dan crenshaw he's indeed a republican from the state of texas. congressman, did the democrats take the hispanic vote on the border for granted? >> i think they have for a long time, and look at the risk of giving democrats really good

advice you should probably stop calling all these people latinx. nobody knows what the that means , not a real term, it's not what they call themselves but it's an important point, because that pandering, that excessive pandering that you need us to survive kind of communication, eventually people see through it , and then the border crisis on top of that, it was the icing on the cake so you're seeing large lots of people return to republicans in south texas in a way that's not happened in decades. stuart: can you explain to me why nothing happens at the border? we've got 239,000 illegals crossing. that was just in may, including 15 people on the terror watch list. why does nothing ever change when you've got such a dire situation staring you in the face? >> the simple answer is because democrats don't want it to change. first of all, they don't have a philosophical opposition to open borders fundamentally. i think they think they can make electoral gains with more illegal immigrants in the country.

i don't think they are right about that but that's what they think and look they just don't care. this isn't a money problem, a spending problem, it's a policy problem, an enforcement problem and congress needs to do its part and get very strict changes done to especially our asylum laws so that these aren't abused consistently. i'm working on legislation right now that does exactly that. it's things like saying you can't claim asylum unless you go to a port of entry or we need to put claims officers in other countries so you can make the claim there instead of coming over our border to supposedly make the claim. you need more i.c.e. lawyers in front of immigration judges at a 5-to-1 ratio so that does require funding. there's lots of things we can do to actually fix this problem. the democrats do not want to fix it so we've got to win in november and force it through in the appropriations process. stuart: you can't make any changes unless, and until, you win the republicans retake the house and hopefully the senate, in november. you can't do a thing until that happens. meanwhile, in the five months, you are probably going to have

at least a half million more illegals in the country. am i right? >> you are right, and what we can do up until then is keep pressuring the democrats, at least threaten them to the extent we can. use the appropriations process to the extent that we can to force some kind of negotiation. i don't know why democrats don't want to fix this problem. it would help them in november if they would do two things, right? make our energy cheaper, produce more, and fix the border. this really isn't that complicated. that's what the american people want. stuart: congressman thanks very much for being with us this morning. always appreciated. come see us again soon, please, sir. >> thank you. stuart: jessica cisneros, backed by aoc, has conceded in her runoff against incumbent henry cuellar whose been a moderate democrat and a hawk on the border. it was a recount? lauren: he's pro-life also, very very close, cuellar won by 289 votes so he got more votes after the recount, but still, obviously, very close. it saved his 17-year reign in

south texas. cisneros says congressman cuellar only won because bill oil money showed up strong, so that's -- stuart: just a tired old argument. lauren: that's who she blames let me tell you about alabama. trump-backed katie britt advanced in the runoff easily defeating six- term congressman mo brooks 63-37%. if katie britt is elected she would become the first woman to represent alabama in the senate. she's 40 years old didn't see the best turnout for the former president in georgia. trump's pick vernon jones got pummeled by businessman mike collins by nearly 50 points, what's interesting here is if you look at collins proposals and his plans they are very trump-esque, but he was endorsed by governor brian kemp. finally, virginia, the night belonged to republican women. the woman on the right, jen kigg ins, a former navy pilot beat her opponents she's going to challenge the democrat

congresswoman elaine luria in november and then you have police officer leslie vega, the daughter of salvadore immigrants and she won and she will challenge the democrat incumbent abigail spanburger in november. stuart: she's hispanic and a republican. lauren: the rise of the republican spanish woman. stuart: well-said. it's 9:22. we open the market in seven and a half minutes the market will be down at the opening bell. dow is off 400, nasdaq is down 100. we will take you to wall street for the opening bell, next. ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers.

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we've already had a small contraction in the first quarter of this year. why the delay until the end of the year? >> well, i think you've seen some consumer spending deteriorate but it's still pretty good. if you look at these ism indices they're well over 50 which is the contraction expansion line, so i think that there's still cash on the sidelines, as far as people spending. there's also very good labor market so i think that things are slowing down. some of these data points that we watch are dropping pretty quickly, and so that's the timing on that. now, saying that, stuart, you probably saw this atlanta fed number which puts second quarter gdp at zero, so clearly, there's some uncertainty out there, but we're in the camp that we're going to have a recession and it's likely to start late this year. stuart: does the market bottom before the start of the recession or during the recession? >> well, i think normally the

market would bottom during the recession. i mean, this one looks like it's going to be pretty short to us and there's a lot of things that typically start to happen about half way through the recession, which is basically the market trying to get ready for the improved economy and things like that, but i think between now and then, you know, we've been trying to play defense the last three and a half months. we've moved away from sectors and asset classes that are real sensitive to the economy, and we've tried to embrace things like, you know, healthcare, staples, utilities, we like u.s. large caps and certainly u.s. over international, because we think those are good spots to be when growth is slowing and people are looking for places to hide basically. stuart: real fast. 30 seconds. tell me if you think the fed will back away from its aggressive stance because of the impact that its had on the markets. >> that's probably unlikely. we're calling for 75 basis points in july, 75 basis points in september.

we're probably going to see some hikes the next two meetings that remain in the year and at the end the fed funds target rate 3.5 or 3.75 that's our target for this year. stuart: that was excellent, scott you packed a lot into about two and a half minutes. >> [opening bell ringing] stuart: that's a real professional performance, scott wren, you will be back. the market is about to open we're looking for red ink right from the opening bell. canceling out some of yesterday 's gains, here we go. we're off. it is wednesday morning, and the dow has opened with a lot of losers on the dow 30 list, i can see two winners, merck and walmart, the rest i believe are either unchanged or down at this point, so the dow has opened with a 350-point loss that's that. the s&p 500, also on the down side, to the tune of 1% and the nasdaq composite, also lower and i'm pretty sure of that yeah down 1% as well. so, some of yesterday's gains canceled out. how about big tech way up yesterday, most of them down

today. i've got one winner, meta platforms, but we've got apple, amazon, alphabet and microsoft all down. let's check out the broader markets for a second. i need some understanding of why we went up so much yesterday and down this morning. lauren: today, i think, is shocking comments that we're getting from federal reserve members. harker, he's the president from philadelphia. he said get ready for a couple of negative gdp quarters. well, that's recession. then you have barkin of richmond who says raise rates as fast as possible, without breaking things. and then former fed president bill dudley says a recession is happening, a hard landing is coming in 12-18 months and that's pretty gloomy and right now, jay powell is testifying before the senate. he has to sugar coat all of this , as he speaks to senators and they want to know, is the economy, is the consumer strong enough to handle rate hikes and we just heard from scott wren, who says no, they are going to keep going. can we handle it?

stuart: look on the left-hand side of the screen. yield on the 10 year treasury all the way down to 316, that's a flight-to-safety. that's people piling out of stocks because of heavy risk getting into bonds and going for safety. then we have oil. i believe that's down $5 a barrel right now or 102. what about oil company stocks? lauren: it's shocking energy is by far the worst-performing sector today down 5% and all the energy names are down with it. i think this is so odd because we're expecting the president to announce the three-month gas tax suspension of 18.4 cents and diesel too, and hopefully the states will do the same thing. i would think that would drive up demand and then maybe prices too. stuart: i see that, yes. lauren: i can not explain what's happening today but i can tell you this. the average american still uses about 55-gallons of gasoline a month, so let's say you save that $0.18. you save $10 a month. that's all it is. stuart: that's not much. lauren: that's all it is so it's a drop in the bucket, it does not fix the bigger problem.

stuart: we're two and a half minutes in the dow is down 250. let's go to cryptocurrencies. cryptos have lost more than $350 billion in value in the past two weeks, one-third of a trillion gone in two weeks. there's one strategist who says the fall not over so lauren, who is it, and where does he think bitcoin is going? lauren: absolutely strategy research is going down 40% from here to 13,000. you know all the reasons. interest rates going up and there's these liquidity concerns about a lot of players, exchanges, lenders, in the crypto space, and i love the stat we were talking about it yesterday. 72 of 100 digital tokens are down more than 90% from their highs that does not include bitcoin, however. stuart: that's called a wipeout. lauren: it might be coming for bitcoin and ether. stuart: i think you can show me something here. mark zuckerberg, he showed off some prototype headsets for this metaverse thing. lauren: uh-huh, metaverse thing. the new future that we're going to reluctantly go to.

stuart: there it is. lauren: it's really bulky, lots of wires. obviously what you eventually purchase isn't going to look like that, but he's showing them to us, to investors, to drum up support, excitement, about the future. he's pouring $10 billion into research and development for ar and vr. one of those devices you put it on and you could basically read the eye chart at the doctor's office from miles away. i mean, that's cool. you can wear slimmed down version of that and be able to see all this cool stuff while walking down the street but the goal, and i think this is scary, is making virtual reality in distinguishable from the real-world. stuart: watch out, sports fans. lauren: i'm going to be permanently confused. stuart: well metaverse is the only big tech stock this morning which is up. maybe they like those goggles i don't know. ford motor company warning of significant job cuts and the stock is down to 11 bucks a share. lauren: well the cuts be in europe, in spain specifically, because they're gearing up to

build the new ev factory there later in the decade. ev's require fewer man hours to build. stuart: okay, winnebego, i know it was a really big pandemic winner show me the stock and look at it. it's up a half percentage point. lauren: not much. stuart: still we're going relatively strong. lauren: it's not going so bad this year i'm looking at the numbers it's down but not like big tech it's down 38% this year , okay they just put outnumbers for a very strong quarter. their profit estimate was for 296 they grew revenue 52% stock is not really reacting and it might be because they see supply chain challenges, inflation issues like everybody else. they see that lasting into fiscal 2023. stuart: the producers always used to joke i would retire and go around the country. lauren: that's what my husband wants to do currently and that's like, i do not want to do that. i like nice hotels. stuart: a long way from retirement and i'm not. airbnb is down 2%. lauren: 100 even. stuart: i thought they were

doing okay. lauren: yeah, well, they are, and they've been popular, a great alternative for a lot of travelers. they got to downgrade today at j mp securities from out perform to market perform and the analyst says this surge, this big demand is already baked into the stock. stuart: there you go. just dropped below, just back to $100 a share. okay check that big board, please. we are all of five and a half, six minutes in down 335 points just over 1%. dow winners, let me look at these. we've got merck, it is a winner 4% higher, jpmorgan chase, microsoft is up this morning, six bucks that's pretty good. mcdonald's is up too. 500 winners, diamond energy, not diamond shamrock as i said yesterday. lauren: [laughter] that's interesting these oil names services companies, halliburton are up big. stuart: look at them go. lauren: yeah. stuart: okay, how about nasdaq winners, nvidia is back on the top of the list there, gille ad sciences, sky

works, lam research, monster beverage. let's go 10-year treasury yield where is that? this is a flight-to-safety folks all the way down to 3.16% piling out of stocks, into treasury securities. gold still around 1,842 per ounce, oil all the way down, 6% lower that's $7 down to 102. nat gas is down, six is the firsthand el there, six bucks for million british thermal units. the average price for gallon of regular gas is now 4.95 in california it is 6.37. what's coming up? well, it's a treasure hunt, literally, for the men of duck dynasty. roll tape. >> finding a fruit jar full of gold in a 200-acre property is a hard task. >> it's like finding one particular hair on my body. [laughter] stuart: okay, the stars of fox nation's duck family treasure

will be here, in the studio. lauren: do you know what they're pulling? stuart: no. lauren: i thought you would because you own a farm. stuart: that's a form of a bush hog. lauren: learn something everyday stuart: i'll ask them, is that a bush hog? two big grocery store chains caving to a woke complaint, pulling these pro-america items from their shelves. now they are getting backlash for it we've got that story. fed chair jay powell testifying on capitol hill. hillary vaughn will have the highlights, after this.

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♪ to bermuda, bahama, come on pretty momma ♪ stuart: i do like this song, i

do. put it up there. kokomo beach. what you're looking at folks is san antonio, puerto rico, not exactly kokomo, but sunny and 8. lauren: and they are surfing. jealous. stuart: if i could swim i'd be out there with them. lauren: that's right you can't swim. well i'm a surfer, stuart. not a good one. stuart: all right the dow is down 260, the nasdaq is down 80. fed chairman jerome powell is testifying right now on capitol hill. hillary vaughn is watching the action. anything of note yet, hillary? reporter: stuart, we did get a preview of what fed chair jerome powell is about to say in his opening remarks. he's not begun his opening statement just yet, but he is in the room, facing lawmakers and they expect to get a lot into inflation, and if the fed acted quickly enough. in his opening remarks to lawmakers, powell is expected to say that inflation, "obviously surprised to the upside" and powell says they're committed to

get it back down to 2%. he also says more rate hikes are on the way to do that. he says the fed needs compelling evidence that inflation is coming down but they'll take it meeting-by-meeting to decide when more rate increases are appropriate but republicans will want to know today why the fed did not act faster to get control of inflation. >> i think definitely, members will ask jay powell and two big key issues. one, he's acknowledged that inflation is not transitory, that it's not peaked, that the feds behind the curve, so asking him what his strategy is and shrinking the balance sheet and raising rates in order to make sure that inflation does not embed in our economy that's number one. number two is the feds pushing back against house democrats and joe biden who say they want another mandate imposed on the fed. they want racial equity and socioeconomic policy to be centered at the fed. that's not the fed's statutory

job. reporter: in powell's remarks he also echoes the narrative from the white house that high energy prices right now are mainly putin's fault and also pointing out that inflation is a global problem right now. it's not only isolated to the united states. stuart? stuart: all right, hillary thank you very much, indeed. john lonski, economist with me here. john, if the fed stays aggressive, what happens to the economy? >> the economy tanks. we go into a recession. you know, you looked at the latest fomc meeting they came out with a forecast for where fed funds be at year-end. their forecast was 3.4% so the fed is telling us that they make more than double the current 1.6% fed funds rate. this economy cannot easily shoulder a federal funds rate that high. previous recovery i think the fundamentals for the u.s. economy were stronger 2018-2019 and back then , fed funds could climb no higher than 2.4%.

stuart: okay. jay powell has just said i think he's in his opening remarks actually, certainly in his notes , he just said the economy can handle tighter monetary policy and he's talking about 75 basis point gains in the next couple of months. so he disagrees with you. >> he has a lot of disagreement beyond myself, believe me, the number of banks are raising the risk of recession to something like 50%. i think city bank. larry summers, you know, of the democratic party, has all but admitted to the likelihood of a recession in response to the current tightening of monetary policy. stuart: you think we're already in almost in a recession? >> i think it's a question of when as opposed to whether. a recession should be here at some point in 2023. we're not quite there yet. the big problem is that we continue to have price inflation outrun wage growth, and the longer that lasts, the more

likely it is you're going to look at a drop in real economic activity. stuart: well has inflation peaked? >> perhaps in the process of peaking. if i look at the financial markets, look at the 10 year treasury yield today. that's down to about 3.2%. stuart: no it's down to 3.12. >> my goodness. stuart: that's a flight to safety. >> it was almost 3.5%. go back to again i think 2018, the 10 year treasury yield could climb no higher than three and a quarter percent that started moving lower because of a decline in housing activity and that told us the u.s. economy couldn't shoulder the burden of just a 3.25% 10 year yield. i want to add, you know, we keep talking about higher prices for energy. well they're down today, and what a lot of people are missing is that since the end of march, since the fed began to tighten monetary policy, industrial metals have been sinking, sink ing fast. the thought was that the reopening of the chinese economy would give industrial metals prices a boost, copper,

and iron ore and whatnot, hasn't happened. stuart: so you're predicting a recession and predicting a recession because of what the fed is doing and because of that prediction, metals, industrial metals all the way down, many other industrial commodities down in anticipation of a recession. is that it? >> it's an ongoing slowdown in economic activity that's already here, and ongoing deceleration, so this is a coincident as well as leading indicator. stuart: thank you john lonski, appreciate you, good stuff. coming up, as inflation heats up , more of us are taking on side gigs, just to get by. how about that? gerri willis has the story. one person not taking on a side gig, beyonce. her new song is an anti-work anthem, and we're going to tell you all about it, after this. ♪

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stuart: we understand that there are more people relying on side hustles to make ends meet. gerri willis is with me. you know, people used to work side gigs to make ends meet.

no, they didn't, they would work side gigs for extra spending money. gerri: right exactly. stuart: now is it a necessity. gerri: do fun things, go on vacation, not anymore. the reality is the day job, well it's just not what it's all cracked up to be. for many workers one job is just not cutting it. take a look at these numbers from bankrate.com 41% of side must letters need the extra cash to cover everyday expenses only 31% of u.s. workers with a second job said the same thing back in 2019. now, here is who they are, most likely to be younger male millennials, typically 26 years of age to 32, their molts common job is landscaping, or lawn mow ing, no longer delivery or uber because of gas prices, and most likely to pursue a second job and inflation of course the biggest reason why side must letters are doing it and what's curious about the new trend is that it's occurring in the middle of one of the strongest job markets in recent memory. listen. >> if this many people need to have a side hustle, right now,

when the job market is good, what happens when and if it does take a turn for the worst? i think that it is highlighting some vulnerability there among many workers. gerri: all right so average income is something like 996 a month, but some folks are making 5 50,000 bucks a year on these side hustles. women making less than men, take a look at that, stuart. why? because women do different things in their side hustle than men. they tend to do childcare, and that pays a lot less than what men do, but i want to share a number with you that we didn't have in this report, and i think it's critical from bankrate. the number of people participat ing inside gigs down to 31% this year from 38%, so fewer people work in the side big, and it's primarily because they can't get those delivery jobs or more important the delivery jobs don't pay, because of the price of gas. stuart: fascinating. the side gig. my goodness, me. gerri thank you very much indeed hope to see you again soon.

beyonce has released a new single called "break my soul." the song talks about quitting a job, and worker burnout. not exactly inspiring lauren. lauren: she's speaking to this new generation, i'm going to call them the softer generation. she's tapping into worker malaise that has americans quitting more openly, like on tik tok, and also more often. this is "break my soul" the first track on her seventh album. i'm quitting my job, they work me so damn hard ♪ lauren: my eyes, from the blinking lights, it's the club. she wants you to go back to the club. i don't know that, but the disco ball. the strobe light. do they still call it that? stuart: they call the younger generation the soft generation? lauren: a softer, i said softer

generation. i think that's true. i think they will admit it. they want to work from the air conditioning of their, you know, their apartments or their homes she's tapping into pop culture right now. stuart: anything to say? >> come on, get a job, make some money and then you can run your own company. stuart: i knew i liked you, gerri. all right, still ahead, florida senator rick scott, the wall street journal kim strassel, arizona attorney general mark brnovich and seattle guy jason r antz, the 10:00 hour of "varney" is next. ♪

..

stuart: good morning. it is 10:00 eastern, wednesday, june 22nd. look at the market. we started the day with a 400 point loss. we are down 180 points, the nasdaq down south to start the day, has moved up 6 points.

this is intriguing, the 10 year treasury yield down $3.50, a lot of money is piling out of stocks going into bonds for safety. price of oil down. up $102 a barrel, that is 6% drop. bitcoin struggling to hold the $20,000 level. now this. a 2-pronged attack underway, fed chair powell world on capitol hill, cutting money printing. president biden drilling oil company executives demanding price cuts for oil and gas. with 8% inflation for consumers and 10% for business costs something must be done but don't expect a quick return to the good old days. it take long time to ring inflation out of the economy. voters don't like it.

investors really don't like it. president biden may score a few points, gas is down a couple cents and beating up oil companies may be popular in some quarters but inflation began on his watch and some of it is his fault. jay powell came late to the inflation fighting game, some of it is his fault too. all kinds of things are changing, the cost of borrowing money for home or car going up, your standard of living going down, the biden harris administration surely on its way out. inflation brings economic and social change, instead of tax and spend we could change growth and prosperity and energy independence. the inflation of the 70s gave us ronald reagan in the 80s. second hour of varney just getting started.

white house press secretary karine jean-pierre says the white house does not see a recession right now. roll tape. >> we don't see a recession. we are not in a recession right now. we are in a transition where we are going into a place of stable and steady growth and that is our focus. stuart: michael lee is our market watcher, joining us now. is that how you see it? >> no. there is a high probability we are in a recession and the atlanta fed comes out monday and will tell us gdp tracker which tracks gdp growth in real time, data is recorded, tracks and compiles it and forward

projects it, right now it is at 0, declining economy in the first quarter. i say the cost of oil, and what is causing the economic pain and inflation. in cpi, food and energy is not calculated. for the farce, green energy, 18% of the overall consumption of energy, if you have a war on fossil fuels you make everyone's like more expensive and harder, translating to the cost of food and we are they are right now. consumers feel things are going to be better. it is going to be worse, one is

coming any moment. >> any stock you are buying right now. >> the darkest man on wall street, once a recession starts the market is bottoming. it is time to step in. we are close to 20% in a short time so now it's time if you are lucky enough to sell in december, looking at bargains because the top-quality companies typically bottom ahead of the overall market. stuart: what have you bought? >> i'm still looking at this energy infrastructure, and start in the cybersecurity which is an industry, where the economy is, look at palo alto

networks, the googles of the world that have come down dramatically, they will do all right on the other side. stuart: dipping your toes in the water. we will see you again soon. the dow is down 200. we will start with tesla. >> and sitting right next to us, and there's some sort of finality, he expects more details on the spot issue soon. and the $1200 price target and comments are extraordinary. tesla has created generational investment opportunity in one of the most compelling growth stories. if you think it is going to 1200 get it at 720. stuart: coin base, pretty sure that is down 3%.

>> there rival has dropped bitcoin trading in the us, trying to boost interest during this crypto winter. coin base is testing the prescription service where you get 0 trading fees if you trade often. stuart: there is still a lot of bitcoin holders who cannot get out because -- it is now. craft hines is up 1.5%. lauren: to outperform, the price target is 36, 25% from here. and 2 boxes of these a day. it is called kraft macaroni and cheese, they made the noodle like a smiley face. it's been the iconic comfort. >> we need cheap food. >> what branson boxes look like

i get confused. it looks like this and it will look a little different. you have been warned. stuart: americans are feeling the pain in their 401(k)s. do we have a reasonable idea how much people lost generally speaking? lauren: since january, 3. $4 trillion and this is the breakdown, 1.4 trillion out of 401(k)s, iras $2 trillion coming out. bad news if you are looking to retire, less money, prices for everything go up. if you have time, close your eyes and go back up. how long does it take to restore investment 401(k) after a downturn like this? the answer is usually. stuart: most of the people i know with a 401(k) are down by 1/3. they don't care if it is one. 2 trillion coming out of a 401(k), they just know their pension money is down by one

third compared to where it was with donald trump as the president. lauren: are those your colleagues are all people? i wonder if anyone hasn't changed retirement plans. stuart: people switched out of stocks and got into cash or bonds, i don't know that for a fact. most people are down by 1/3. the dnc cutting their price for a photo with vice president harris. it has been lowered to $5000 for the photo. the first time i think for many years, guy benson. he is joining us this morning. welcome to the show. stuart: vice president harris is wildly on public, lacks credibly, can't raise money but can't be dropped, you can't just drop a vice president, can

you? >> no. she is duly elected, a constitutional officer. they are stuck with her and they might be stuck with her for quite a while because in many minds of certain democrats she is the heir apparent should president biden not running 2024. in her mind she would be and perhaps could have and i looking ahead to 2028 if he does run for a second term with her on the ticket. i think it is extraordinary. you listed the adjectives about the vice president, unpopular, not credible, the list goes on and that is among democrats, democratic donors, she could not draw a crowd to a dnc fundraiser, tickets weren't selling. the vip line says q up, get a photo snap of the vice president. it was cut by two thirds. it is the only thing the price of which is dropping in the

entire country. blue one sarcasm is a low form of which as i am sure you know. trump backed candidate katie britt defeated congressman mo brooks in alabama's republican senate. what is your assessment of trump's influence bearing in mind the result of yesterday's primaries? >> the alabama senate race has been bumpy for trump because he initially early on endorsed brooks who was looking like he would finish and distant third and miss a runoff so trump on endorsed him, saying nevermind and then brooks surged after the endorsement, made it to the runoff, was begging donald trump to re-endorse him, trump was hanging back watching what was happening as katie britt, this young woman, mitch mcconnell's pick in the race, strong conservative was leading in all the polls, a paul i came up 20 points.

that is my gal after all, so he endorsed her, she took off even further and won in a blowout last night, she will be the nominee and almost certainly the senator from alabama has a very young woman after november. stuart: in november. don't deny us your presence in the future. on the election on the primaries, ellana must said it was the first time he was voting for republican. what did he say, do we know what he is saying about 2024? >> he spoke in cutter this week and he is likely to vote republican but which republican? >> >> ask if i decided who i support in the next presidential race and i've not decided and who might you be

leaning towards? possibly desantis. >> i'm asking trump, if you would consider him. >> i think i am undecided at this point on that election. >> reporter: people draw parallels between musk and trump, pro-free-speech, free-speech, disruptors but a budding relationship between elon musk and ron desantis. musk owns another company, warren company and they've been talking about building tunnels to take teslas and other traffic under miami. stuart: whatever he says, musk will make a headline. he speaks about all kinds of subjects. he is always on this show. next case, 300,000 public school teachers and staff left the classroom for good and more could follow. president biden says the us needs more money for a second pandemic. >> president biden: we do need more money. we don't just need more money

for vaccines for children, we need more money to plan for second pandemic. there's going to be another pandemic. stuart: we will deal with that. chicago police officers are banned from chasing offenders who commit low-level crimes even on foot. jason rants takes that on next. ♪♪

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and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. stuart: big cities saw a record number of violent crimes last year, six cities are such to

break those records of this year. is that accurate? lauren: and we are halfway through. the 6 major cities reporting more violent crime, homicide rates, assault, robbery, new york city the worst see in the near 26% jump in violent crime this year from last year. these days, 12%, 8.6, philadelphia, baltimore at 7%, 6% atlanta 5.5% and the numbers unfortunately might get worse this summer when more people have more time on their hands. stuart: one new york assemblywoman who pushed to defund the police has moved out of harlem. can you tell me what made her relocate? ashley: in 2020 campaign new york democrat lawmaker called for police reform saying police department needed to be defunded by millions of dollars so more money could be put into social services but a few years

earlier as it turns out the police critic moved out of the home in harlem to the financial district in manhattan because of crime, safety issues. in an interview from 2016 she said, quote, i was robbed when i was living in harlem. my boyfriend at the time, my fiancé didn't think i was safe so he told me to move in, that is how we move to the financial district, he was already living there. the lawmaker has been under fire, new york assemblywoman inez dickens who were presented parts of harlem in see counsel blasted neo as hypocritical for leaving the area due to fear of crime before advocating for stripping the nypd of resources and more recently neo found herself in hot water after liking a tweet compared a group of police officers to nazis. stuart: oh, dear. we will be back later. police in chicago are no longer allowed to chase a suspect on

foot because the person is running away. are they expected to let criminals go? >> in certain circumstances this will start at the end of the summer. of that person, suspected criminal, is suspected of a minor offense, but parking violation driving with a suspended license or drinking in public you can't chase them on foot. you can if the officer thinks the person is about to hurt someone else. it is all about discretion. what sparked this law, two chicago police officers chased two armed men and they were fatally shot. this is an overcorrection of what happened then. stuart: sure seems like it. will seattle, that is the city that had its problems with police chases, jason rants joins me now. all over the country the police seem to be stopped from doing

their job. would you agree with that statement? >> absolute the, not just being stopped from doing their job, but these are folks who are anti-police, have no training in the field, no understanding of what it is like to be an officer in their shoes being constantly put into harms way just to protect communities, we know better than the people doing their jobs, not consulting with management or command staff before they come up with in some cases flat out policies like chicago but in other cases, in washington state they implanted laws that impacted policing, it is happening at the same time as we see the crime sturridge. stuart: this could change if local politics changes. the officials put in place this law and regulation they've got to be voted out if you want to

change the situation. do you see a sign of large-scale movement to change the politics in these cities? >> don't know if there will be a change of politics but when talking about issues like this i don't think the average person sees it is political, democrats versus republicans especially in progressive cities but they are -- there's momentum on the side of making changes. we've seen the da in san francisco being recalled, we have george gascon situation, a lot of das getting significant pushback in progressive cities. does that extend over to the seattle city council or the mayor of chicago? we don't yet know that because at the end of the day i tend to wonder if people realize, a mayor world assertion and

pressure versus what is done on the council and momentum to completely shift power dynamics of city council, when it is about one election, but several elections and they have to make changes. we will see what and up happening. i'm more hopeful than i was a year or two ago. stuart: jason rants to comments on movements around the country. see you again soon. flight delays and cancellations become the new normal. thousands of southwest pilots joined the picket lines, being overworked and underpaid. president biden wants a 3-month federal gas and diesel tax holiday. will this give drivers any relief at the pump? did grady trimble will break it down after this. ♪♪

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(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. stuart: the markets have turned around, there is the news from the markets, the dow is up 70, it opened 400 points lower and the nasdaq is up one hundred 11.

a couple comments from fed chair powell on capitol hill. the economy can handle tighter monetary policy. the string of rate increases are priced into the market. i call that fairly positive. markets respond with an upside move. let me show you all tria, the tobacco people, down 8%. lauren: a big stake in jewel. the wall street journal is reporting the fda is preparing to order jewel to take those e-cigarette's off the us market. they have been reviewing data, the impact of public health on teenagers, young children. for a few years now, could be the decision we get today. in advance of that, selling off big time. stuart: also the administration is moving to lower the amount of nicotine in tobacco. why do you smoke tobacco if you don't get nicotine? mud dharna, what is the story? lauren: shots forever.

they have a new covid vaccine they have been testing the targets the latest omicron variants and now the dharna -- mud dharna -- modernis looking for an updated shot. a one house chevron responding is the white house marking the president? lauren: not that i know of? the stock is down 2 and 3 quarters of one% as oil companies are down. diamondback was hired down, it was turned lower, oil is down in a big way. there is a meeting this week between the big oil companies and the energy secretary, jennifer granhome and we saw chevron and exxon defending their profits and investments and they got mocked by the president for that. stuart: president biden calling on congress to suspend federal gas tax over the summer driving season. grady trimble is with us. how much will drivers benefit from this?

>> reporter: $0.18 a gallon for regular gas, $0.24 a gallon for diesel. how much she will depend on the size of your tank and how often you philip but theoretically you drive an f150, you would save if you philip from empty a little less than $5 to fill up your tank completely. the administration says the total cost for the government for the 3-month gas tax holiday would be $10 billion, that would be money that is not going to the highway trust fund to maintain and build roads and bridges. president biden is facing criticism from aaa and other groups and even his own party. back in 2008 before barack obama became president he called suspending the gas tax a gimmick and more recent house speaker nancy pelosi said she was worried about the loss of revenue.

but president biden says the money can come from somewhere else. >> president biden: it is not like before. it will have some impact. it is not going to be an impact on major road construction or major repairs. >> reporter: the president is calling on states to suspend their gas taxes which would lead to even more savings especially in places like illinois, california, new jersey where the state gas taxes are high but gas buddy guy patrick theyhan says it might push demand higher exacerbating the imbalance between supply and demand at a very delicate time as supplies remain low or very low in some areas. a gas tax holiday would require action from congress but we expect to hear from the president later today pushing lawmakers to do so. stuart: we hear you. now a special guest. a man who has not been on the show for three years and we

miss him. his name, you like that, dori wiley. dori is experts on 401(k)s and your retirement money. do i have absolutely free choice about which stocks, which companies i can invest in in my 401(k), free choice for me? yes or no. >> i would say no. it is changing. for 48 years we had a definition along with thousands of tax law cases about what a fiduciary and investing for the benefit of beneficiaries is. that was a stroke of the pen under executive order from biden. he is directing the federal government to treat climate change and esg as a threat to retirement plans. the question is who gets to define the mandates for climate change and esg? that changes everything. stuart: environment, social

governance, they've all got to state, assess the risk of climate change going forward. how do you know what the risk is? >> under most 401(k)s or pension funds, investing in funds, those funds market esg, the big movement in the last 10 to 15 years is moving from active to passive funds because they outperformed most of the active funds 90% of the time even under court case laws people have been held liable for that. we know for a fact that esg not only charges higher fees but has been underperforming and most of them don't have a 5 year track record, 90% of investment. stuart: so i am not free to choose which company stock i want to invest in. that is governed by esg rules. have i got that right? >> that is coming.

the sec influence even by outside shareholders on retirement plans through proxy solicitations which is crazy. if you own one share of exxon you can tell them what the retirement plan is and there would be scores generated on that for the company so now you have fiduciary duty being outsourced to not only outside shareholders but the us government. stuart: it is possible there are companies i would want to invest in in my 401(k) and someone will say you can't do that. that is accurate. >> absolutely. blue one green economics invading the 401(k) and limiting my choice of action with my money, is that accurate? >> that is what is coming. blue one glad you are back after three years. you better come back soon to fill me in on that because i don't like the side of that. lack of freedom with my money because of green politics, see you later.

companies across the nation struggling to fill open jobs but now some of them are questioning if you need to fill those jobs. lauren: take that beyoncé with her new single, her new release about quitting her job, break my soul. corporate america right now fears recession, the chances that we are in one we are going into one and how high rates will impact them so they are looking around, it has been a strong labor market for the job seeker, they had open jobs, two jobs open for every one employee that needs them. that is starting to shift because these jobs have been left open advocate economy is slowing and corporate america is getting scared, they might say we don't need that position. the balance of power is starting to shift. it is shifting from the employee being in charge to the employer having more power and with that you might see wages come down a bit.

stuart: that is fascinating. what a shift in the labor market. then we have senator joe manchin who says the president's build back better agenda is officially dead. >> talking about build back better? stuart: you heard that. build back better is gone. senator rick scott from florida deals with that in our next our. hiring freezes, layoffs hitting big tech. we will tell you which companies are making the cuts next. ♪♪

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stuart: there could be trouble here. we have a new segment called what day is it? what are we celebrating kick you lauren: two days comes weed and salty, national a claire day? stuart: national chocolate éclair day? lauren: it is also of all days national onion ring day. stuart: who got that in kick you lauren: why would you put these together? which one would you prefer? lauren: stuart: i will save it for the commercial break. the queen of england never eats on camera. lauren: i am not the queen. no aspiration either. stuart: ashley, are you in this? what do you prefer? onion rings or a claire is? ashley: there is absolutely no doubt it is the éclair. i can finish the plate. onion rings i like. the thought of them together is disgusting. but éclairs will win every time. lauren: i will mail you some. they are delicious. stuart: in a commercial break, that is what i'm doing.

let's move on. the markets are rallying again. the dow up 600 points, dropped 400 and "the opening bell" and we are up 143. the nasdaq composite up one hundred 26, the rally continues. investors like what they are hearing from jay powell on capitol hill. tech companies preparing for recession. are they cutting staff? lauren: if you look at tech startups in silicon valley they saw evaluations being skyhigh, it is unprecedented. 27,000 tech startup jobs cut already this year. let's go to other companies that are cutting staff. the wristlet company, 15% of layoffs, tesla, they say 10% but they plan to add hourly workers, more like 3.5% in the end and another real estate

company, 6% of their stuff. we when i want to look at meta-as in meta platforms. the department of justice has reached a settlement with facebook. what was that about? ashley: it involved allegations that facebook engaged in just, sorry advertising that violated federal housing law. the doj or doj claims meta was using housing ads based on algorithms, what characteristics protected under the fair housing act, things like race, national origin and sex. the settlement which need still to be approved by the court would require meta to stop using the add tool and create a new system as by december, has the government approval but by the way, meta had to pay a fine of $115,000 which i believe they can afford. stuart: i believe they can.

from tennis to tv. naomi is launching a media production, with the help of an nba star. we will tell you who is helping in that endeavor. the stars of "duck dynasty" on the hunt for gold. >> dinner tonight, twentysomething people are coming. we agreed, no more big holes in the yard. >> it's not that big of a whole. a big remodel. stuart: the robertsons will be here. they will join us in studio to talk about the new show duck family treasure. that is next. lauren: they will take it. ♪♪

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take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. stuart: the market has turned around. we opened lower but now we are moving higher. it's not a huge gain, dow up 70, nasdaq up 85. the obamas or officially moving

their podcasting empire to higher ground from spotif gmac to amazon. a multi-your contact zeal. the president said in a statement higher ground we always sought to lift up voices the deserve to be heard and audible, invested in realizing that vision alongside us. i'm looking forward to partnering with them to tell stories that not only entertain but also inspire. next case, tennis star naomi oh soccer launching a media production company. is she partnering with lebron james? ashley: yes she is. production company is teaming up with lebron's media conglomerate. the project will produce scripted nonfiction content starting with new york times commentary documentary about that. she was the first woman of color elected to u.s. congress. she will highlight culturally

specific stories while lebron's company will help with production and other resources and also partnerships with crypto exchange platform ftx and health platform modern health. she is quite the business person. stuart: thanks very much. the stars of "duck dynasty," jace and jeff robertson are hunting something new, buried treasure. here is a clip from duck family treasure. >> it is like a slot machine. jackpot. being being being being. that is what you are listening for. >> we agreed no more big holes in the yard. >> it is not that big of a whole. >> you are going to have to clean all of this up. >> you are like a supermodel, babe. i like your dress. stuart: guess what. the stars are on the show with me in the studio, the vast

entourage of people taking pictures. i am flattered, don't know about you. first question to you. what treasure have you discovered so far? you have been digging these holes all over the place. >> we have found lots of treasure. this is a business show, our biggest find from monetary value was $50,000. i'm not going to reveal what that was. of the when you are really looking for gold. >> looking for gold, we find gold. stuart: you are not going to find -- you better find it. wouldn't be much of a show if you looked and didn't find. may i point something out, the clip we just ran, you were shouting after a lady saying, that was a nice dress. wasn't the dress. pants with a nice top. >> that wasn't me. >> not sure. >> i didn't think the same thing but his wife was on the left. it was obscured. stuart:

>> talking to my wife. get in trouble you just say i love the way you look. stuart: exactly. that is the secret of your success. be positive no matter what. >> what we found doing the show together with our wives and family, the treasure wasn't what we found although that is why we went out and it was fun and exciting, the people we were with is what made it more fun which in our case with our families. stuart: since this is a business show i have to ask a financial question. to start with, have you -- >> he knows more about it. stuart: would it be true to say the robertson family has made tens of millions of dollars from "duck dynasty"? >> me personally, no, that is not the case. >> i think so. stuart: tens of millions? >> a lot of money. stuart: are you an investor? >> i am an investor. i have 200 stocks.

stuart: different stocks? different companies? >> big positions and another 150. >> he is a big fan. >> very true. stuart: you know what is flattery, you don't have to do this. >> i will speak to the common man doing his own stocks and just give -- stuart: speak to the common man on cryptos. by the more not? >> i'm not a gambler. i'm not in crypto. stuart: cryptos yes or no? >> no. stuart: stocks? >> yes. >> no. stuart: you are. >> when the fear and panic happen, that is when we move in. i am really liking the selloff because i think it doesn't make sense. amazon has one bad quarter and they forgot how to make money. it is over. let's sell it off. i'm buying.

stuart: of you should come back to new york, said onset with me and give advice to the common man or woman. >> i would love to do that. i would love to represent the common man. good clean fun. stuart: good to imitate your action but i'm not going to. would never do that. thanks very much. jace and that jeff robertson. we will be watching you on duck family treasure on fox nation and thanks for coming by. thank you. your entourage is about to exit stage right. it was great having them in the show. florida senator rick scott, attorney general of arizona mark burnett fitch, the president may insist he' s running again in 2,024 but his recent slips and gaffes and the polls have convinced his party if he did run he could not win. the battle to replace him at the top of the ticket has begun. that is "my take" and it is next.

♪♪ ♪♪ move along ♪♪ ♪♪

>> to suggest a chevron or anyone else in the market place that refining capacity is something they can flip a switch on and make happen. biden doesn't want to solve this problem. >> the fed continues to feed this narrative that the economy is strong in the consumer a strong and we can handle rate hikes. i could not disagree more. anyone but think this economy is not going down in a bad way, not in touch with reality. >> recession should be here in 2023, we continue to have price inflation outrun wage growth. >> time to start looking at that. stuart: lively beat song. it will be wednesday, june 22nd

all day long. 3 or 400 points to start with but now we have rallied backup 60 points, the nasdaq up nearly 100. they moved up big time. let's move to the 10 year treasury yield. it is a mixed picture at the moment. the 10 year treasury yield all the way down to 3.1%. that is a flight to safety. out of risky stocks into more secure bonds. $3.14. bitcoin still struggling, $20,000, the exact quote is 20,650 as we speak. the infighting among democrats knows no bounds. the president may insist he is running in 2024 but his recent slips and gaffes, the polls have convinced his party that

if he did run, he couldn't win. the price of the democrat ticket has begun. if the vice president were anyone but kamala harris that person would be a shoe in. someone in the party, let it out that harris couldn't find enough to pay $15,000 to have their picture taken with her so they dropped it to 5000. more to the point, who leaked it? it is obvious why they did it but who did it, i don't know but i can speculate. california governor gavin newsom has presidential ambitions and wouldn't want to go up directly against a black female fellow californian, kamala harris. it is in his interest to push kamala out. how about pete buttigieg, he is considered a front runner, why not knock out an opponent quickly while she is on the ropes? the fundraiser to do battle happened weeks ago.

why has it been brought up now? because in the last 10 days the media latched onto the biden is too old mantra. no matter what the president says change at the top is topic one in the democrat party. the infighting will be vicious. hard to see either biden or harris leading the democrat team in 2,024. third hour of varney starts now. ♪♪ stuart: let's bring in wall street journal kim stress all, one of the great columnist at the wall street journal. i can't see biden or harris leading the democrat in 2024 so who do you think might replace them? >> you mentioned pete buttigieg and that all roster of people, that was a crowded field last

time around. cory booker, amy klobuchar, everyone is talking about how biden is too old. i would not be surprised to see other oldsters getting back in, bernie sanders would still really love to be president. could be quite a few people vying for it. to ends up on top is a different question. stuart: would you count hillary clinton out completely? >> i would never count hillary clinton out of anything. it has been her lifelong ambition to be president so don't ever count that out. stuart: do you agree with me that it will not be biden and harris on the ticket in 2024? they will be replaced by somebody else, do you agree with that? >> i think that is highly highly likely. the viciousness with which this is all playing out. can i also mentioned some of us had concerns about president biden's age and how he got off step even in the last couple years before he ran.

we weren't allowed to talk about it in the last election. it was taboo, the media shielded him. when it is convenient to blame the party's travails on his age it is open season. stuart: president biden claims the us needs more covid money to think ahead for the next pandemic. listen to this. >> president biden: we will get through this year. we do need more money. we don't just need more money for vaccines for children eventually. we need more money to plan for the second pandemic. there is going to be another pandemic. we have to think ahead and that is not something the last outfit did very well. that is something we are doing fairly well, that is why we need the money. stuart: the next pandemic. what is your reaction to that? >> there has been a lot of talk about how we will probably see more pandemics down the road but what makes that comment astonishing to me is before we

start talking about the next pandemic and you begin handling the one we have at the moment a little better? the contrast, he talked about the last administration, they managed to get a vaccine produced and outdoor in under a year. all this movement the administer ration had to do was do or next operation warp speed, get those therapeutics, get the medicines we needed ready for the next wave, they didn't do that and the fact took one. $9 trillion in covid money and handed out like candy to the states and are pleading poverty and want more money for the next pandemic. stuart: what about joe manchin? yesterday he is on tape saying no more big spending, build back better is gone. but the president is pushing more spending, that will never go away, they always want to spend more money. >> even in the midst of all of

this inflation, textbook economics, you spend too much money, you end up with inflation. they are turning reality on its head and the administration is saying spending didn't cause this and we will make it better by spending more money. it is astonishing. stuart: who would have fight 18 months ago that we would end up in june of 2,022 like this, vicious infighting and the president's own party. who would have thought? i didn't know that. you are all right, thanks for joining us, come back again soon. thanks a lot. back to the market. mark tepper is with me. he will stay for the entire hour. i have green on the screen. what is going on here? we had a big rally yesterday and we dropped this morning and within half an hour we are right back up again. >> we can make the argument it is an oversold bounce or there's short covering going on but really what is happening is

you've got this short-term rebound in investor optimism. yesterday the markets really liked larry summers telling president biden the recession is not inevitable. however, if we remember what larry summers did in 2008 he did not see that recession coming and he lost the harvard endowment, $1.8 million. he didn't see the last one and didn't see this one either. you can take that with a grain of salt and jay powell is back up they are saying we are going to fight inflation hard. he also said that could mean a recession. the market seemed to like it initially, they are pulling back a little bit now. stuart: the economy can handle tighter monetary policy. the string of rate increases is priced into the market. that is positive. at that market the market turned around. investor confidence is back a little bit?

>> it will be short-lived. jay powell believe these rate hikes are priced in. what is not priced in his he will have to go further than a lot of people do believe and what is not priced in his we will be in a recession. that's legals up happening, much greater than 50% chance. i think we are in one based on my day today conversations with business owners. blue one profits on the line for stock prices, analysts say we will get a 10% increase in profits this year. >> i don't think that's going to happen and a 10% increase in earnings for next year as well. what is going to have to happen is analysts bring down their earnings estimates and when you look at bear market recessions, operating earnings, they typically come down 30% so for us to expect positive 10% this year, positive 10% next year analysts estimates have to come down multiples are probably going to come down further and

it is not that tough to see 3,000 on the s&p. stuart: 3000 when it is at -- that is exactly right. stay there. we will move on. you are looking at netflix. lauren: up 5%. here's the story. the co-ceo, i sake on. he is in the south of france tomorrow. at a big festival. correctly if i said it. speculation is some sort of add partnership. netflix, they, netflix's hi was $7000 a share, and out is 178 after a 5% gain. there are reports that netflix might have a deal and announce a partnership with google on an ad to bring down the cost for subscribers who want a cheaper plan. you see ads. stuart: that is speculation in the background.

to put the stock up 5%. zoom, what is with them? lauren: a pandemic winner moving from being a meeting apps to a communication platform and that means you can go on and there's live translation services. essentially you can have a meeting with someone in another country and not know what they are saying but it is translated for you. that is cool. stuart: would it work? lauren: i would hope. sometimes translations are off if you know the system. stuart: that is cool. >> don't know how well it would work but it is a great feature that they have. stuart: i can't speak any foreign languages. lauren: staying relevant. stuart: what about revlon cosmetics people? lauren: they are up 35%. last week they filed for chapter 11 bankruptcy protection and there are reports that buyers are emerging but bottom line is 36% say they are up 300% since the announcement of bankrupt he. stuart: all speculation that

somebody will step in and buy them out right. >> isn't this what happened a couple years ago? the message board, maybe some of that is at play. stuart: hold that thought. more than 1,300,000 southwest airlines pilots joined the picket line saying they are being overworked and under paid. is that a prelude to industrial action in the blood airline crisis? it seems ominous. do these patriotic drinks offend you? guns on them and the flag? grocery stores are pulling from from shelves after one customer complaint. national guard troops using specialized boats to support role the southern border, next, give me an up close look at the high tech tools down there. we will be back. ♪♪ the wheel in the sky keeps

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stuart: crisis at the border, 10,000 texas national guard troops have been deployed to the southern border of part of governor abbott's operation lone star. casey steagall got a look at the high tech equipment. tell us about it. >> reporter: the military tells me you have to think of the rio grande river as a high-speed avenue of approach considering the water itself is the international boundary between

the two countries and troops say these boats allow them to traverse the vast border much more quickly, laterally, than driving on land. some of the texas national guard vessels have 200 horsepower outboard engines allowing them to travel 60 miles an hour. a birds eye view of the boat launch and mixon -- mission, texas where these watercraft, 50 in total, deployed under operation lone star come and go throughout the day. they have already left on a mission, they are coming back later for shift changes but as the number of migrant encounters keep going up officials say the states can only do so much and now is the time for the feds to step in and do their jobs. >> let's keep in mind 2.9 million encounters have happened. 800,000 known got aways since biden took office. it is an acceptable and there's a huge cost of the country, yes, economic and i can get into that but also national security.

>> as we have been reporting throughout this crisis the texas department of public safety or dps plays a major role in operation lone star. as of right now the price tag for the overall mission to the state of texas is somewhere around $4 billion. stuart: great stuff. thank you very much. congressman from arizona andy biggs is warning of more migrant deaths on the border because of extreme heat. watch this. >> there's going to be death. they will rise with the heat of arizona and texas, it is going to go up. they are not coming across with adequate water. some bussing to the border these days and others across, crossing literally thousands of miles, it is dangerous. stuart: the attorney general of

arizona joins the now. this is dangerous but i say this to every guest to address is the border, nothing changes, nothing at all ever changes on the border. you can get a court ruling, doesn't matter, nothing changes. how do you answer that? >> thank you for having me on once again. we are running out of adjectives but the reality is we have never seen it this bad. as an arizonan, arizona attorney general, state prosecutor, i have never seen it this bad because the biden administration has incentivized and decriminalized people coming here and monetized it by giving people government benefits. that is why we see record number of people every month coming over into our country illegally and issues associated with national security because people on the terror watch list being apprehended and drug cartels taking advantage by flooding drugs into our country come poisoning our kids and undermining quality-of-life so this is a man-made natural disaster on the southern

border. stuart: do you think it is deliberate, the open border deliberate policy? >> i was a prosecutor, you look at facts and evidence and at first we thought president biden and his administration wanted to abolish ice but this is the neo-marxist leftist dream of eradicating borders and they want to get as many people to come into this country as quickly as possible, to overwhelm our system and get a bunch of people dependent on central authority, central government, to issue and there neo-marxist revolution. stuart: the supreme court ruled that maine cannot exclude religious schools from tuition assistance programs that allow parents to use vouchers or send their youngsters to public or private schools. i believe you were on the brief to the supreme court, you supported this, is that correct? >> we supported the right of parents against states like maine to discriminate against

people based on exercising their first amendment right in this country there is an ugly history in the nineteenth century where there was a lot of anti-catholic, eastern european bias where states created, senator blaine created a cash cow to prevent any aid to religious so this is a vestige and i'm glad the supreme court is addressing this to tell everyone, parents can control their kids education and we need choice because education is the ticket to upward mobility in our society and no one should be discriminate because they want to send their kids or religious school. stuart: almost a political theme developing here that parents have the right and the response ability to have more say in their children's education. a theme developing around the country and you are part of it. >> absolutely. just this week, we sued scottsdale unified school district because we believe board members need to be

removed for violating open meeting laws, shutting down parents because they were speaking out against mandates related to wearing masks and everything is so you have to remember the parents created the schools, the left wing, the liberal establishment isn't here to indoctrinate our kids. we know the leftist taken over our universities, trying to undermine law enforcement, diligent buys the court and now working hard whether it is critical race theory or the 1619 project through school boards to undermine the ability of parents control with their kids education. stuart: anything you can do to break the teachers union monopoly on public schools we are with you all the way. thank you very much indeed. let's get back to the markets. plenty of green. show me bitcoin. we have a modest rally, bitcoin

is $20,500 and one analyst warned it could plunge all the way down to $13,000. mark tepper, what do you make of that forecast? >> that's very possible, it could go lower. if you take a look at the chart in 2020, right before bitcoin broke out after liquidity flooded the system, it was 11 to 12,000 range. if you look the prior breakout level, it could get back down, "my take" on crypto overall is it is the only asset class in the world where you can read one, 250 page book and become an expert on that asset class and you know more than 99% of the population whereas i am getting one hundred pages of stock research every single day, got to stay on top of that. that is "my take" on crypto space. blue and there is fear of

missing out. lots of people, stimulus checks, why not put it into bitcoin? >> play some roulette. stuart: it is a gambling ship. i think we sorted that one out. senator joe manchin says build back better is gone. that means it is dead. roll tape. >> talking about build back better. >> it is gone. stuart: build back better is gone. senator rick scott. what does he think about this? he's on the show shortly, hundreds of thousands public school teachers calling it quits, 3% drop in the education workforce since the start of the pandemic and it could get worse. i will report on that next.

♪♪

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texas. that, by the way, where 1300 southwest airlines pilot stood on the picket line tuesday. they are protesting unfair working conditions, southwest in contract negotiations for two years, the picket line is the start of industrial action in the middle of the airline crisis. think of the airlines. with the airlines as of now. we have roughly 300,000 public school teachers left the education field. this is since early february 2020, 3% drop in the education workforce. is an want their dropping as well? >> it was plummeting since the start of the pandemic.

1.2 million students, less public schools and researchers say they found a correlation. schools the return to regular in person learning, saw student involvement rebound. >> about 4.3% of their students, one in 23 students across 2700 school districts. we've never seen enrollment decline like that before. >> states losing the most students include new york, oregon, mississippi losing 5% of their student body, 4%. in new york city, student

losses are remarkably high, they left public school here in new york city, 9% of the student body and this means losses to the budget, budget cuts happening, new york city preparing to cut $215 million starting next year, that could mean layoffs, school system, 140 jobs in california. just to name other examples, students migrate from public schools or homeschool settings. back into public schools, very difficult moving forward. stuart: i don't think it is going to happen. it it is not bid on foxnews.com. the definitive proof critical race theory is being taught in our schools. ian pryor wrote that.

against crt, a lot of people suggest crt is not being taught in the schools. can you show me the proof? >> the lawsuit happened in different school districts in pennsylvania, go into new materials that were used for teacher training by a specific educational group, taking notes on his phone, a federal lawsuit, part of that lawsuit, 166 pages and, and critical race theory is the centerpiece of the school transformation action plan. the whole presentation they are giving these teachers is

centered around critical race theory and how you should view things, how you should teach things, how you should explain things through the lens of critical race theory. stuart: the teachers union, are they fully supporting crt? >> last year from the 2 main teachers unions, aft and nea, equity, nothing more than critical race theory. what is whiteness? there's a whole list of traits in this teacher training saying this trait of whiteness, being polite, being on time, the scientific method, hard work, planning for the future, not only is it racist to say that a characteristic of one race but it is racist saying it is not a characteristic of everyone. you can't tell me people don't work hard if they are not part of a particular race. stuart: it is disgusting quite frankly. that is how i take it.

i want your reaction to kroger and another grocery store chain, pulling their pro-american items from store shelves which what they are pulling includes the cozys featuring guns and american flags and items that read give me liberty or give me death on screen, they pulled those items. what is going on here? you can't be pro-american in a supermarket. >> you can't be pro-american but you can be pro-pride month, go to any supermarket, any school you will see pride flags, pride paraphernalia but when it comes to american paraphernalia, american flag, statements from patrick henry, apparently over the line. go awoke, get broke, that is what we are seeing, these big stores from corporate america

injecting woke this into everything they do and they pay for it when customers stop shopping there and stock prices start going down. stuart: do you think you are winning this battle against crt? >> it is a long fight. we are at the start of it. the past year and a half we entered that fight and they realize what is going on but this is not the kind of thing that will be solved in a year or two. it will take a generation to get the generational system back. stuart: that is absolutely awful. ian pryor, you are doing good work, thanks very much for joining us today. appreciate it. i'm going to change the subject completely. wimbledon has banned all russian athletes from competing in the tournament this year. one player found the loophole. ground --gronk retired from

football for the second time, some fans are not convinced he's gone forever, we will discuss that next. ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis.

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try it today. go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. stuart: isn't this the tune they play on an ice cream commercial? >> tagteam back again. stuart: that right there is tampa bay, florida, home of the tampa bay buccaneers and that team appetite end, gronk announced his retirement, the

second retirement, isn't it? ashley: absolutely right. gronk called quit again, he spent the first 9 seasons of his nfl career in new england before announcing in march 2019, stepping away from the game, the star came on varney and stu grilled him about a possible come back. remember this. >> am i going back? i've been asked that many times. i got the same answer every time and my soul would have to be on fire, having the feel to come back, just enjoying where i am and if that is the case -- ashley: he did come out of retirement to rejoin tom brady and tampa bay who went on to win another championship but gronk says it is now time to

chill and hang up the boots, all easy. the titan elapse agent says if tom brady comes again he may change his 9 again, never count them out. stuart: gronk saved all of his nfl money. ashley: he is a smart dude. stuart: tepper is still with me. do you think he's really done? >> i do. as you and at talked about he saved all his nfl money off of endorsements. it is probably time for fox nation or espn to rollout a reality gronk tv series. i would watch that. let him be his goofy self, he is hilarious. it would probably be similar to will ferrell's character on wedding crashers. where is the meatloaf? kind of a fun goofy reality tv series. stuart: melitopol gronk is a natural born entertainer, you can hardly hold him down.

i've got one more on football. la chargers player focusing on a new kind of competition. morgan fox's french barlett -- french bulldog winston is a finalist in the westminster dog show. have you got a picture of your dog, brody. >> there's a picture of him when we first got him. stuart: he looked grumpy. >> he was not happy for some reason with my oldest daughter's first day of high school at the end of august. let's see what he looks like today. look at him. one hundred 25 pounds. he is sitting on a human being there. you can't see the human being behind the dog. stuart: you heard of inflation in petfood, you are feeling it. we are on sports generally

speaking. a russian born tennis player changing her nationality to avoid being banned from wimbledon. who are we talking about? ashley: there is one way to avoid it, 29-year-old russian born tennis player, representing georgia at the all england club tournament starting next week, organizers announced in april russian and belarusian players will be banned from competing because of the invasion of ukraine but she submitted a georgian passport and id as she has dual citizenship and she is able to compete in wimbledon after all. that tournament ban is not sitting well with some players. novak djocovicz said politics and sports should never mix. stuart: they often do and that is a fact. we've been in business for 2 hours and 15 minutes. here's what the market looks like. show me the dow 30 police, thou

itself is up 43. as for the dow 30, completely mixed, half, half down. the us has sent 52 million barrels of oil and petroleum products to china. senator rick scott is enough is enough. he is pushing a new bill to ban oil exports to china. senator scott joins me after this. ♪♪ it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less.

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tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: biden's tax and spending spree, joe manchin said build back better spending is gone, dead. >> not going to spend more money, we spent enough with $30 trillion in debt. got to get our debt under control. want to get inflation under control control your data. >> are you talking about build back better? specifically about build back better? >> build back better is gone. stuart: no build back better, it is gone. what does republican senator from florida rick scott say to that?

i am sure you are cheering this on. >> when are they going to stop? what biden not to do is say whatever i have done i will stop because everything he has done has caused more inflation, because gas prices to go up, made it more difficult for people to get into business and grow their business so he ought to stop everything he is doing because nothing he's doing is working so i'm glad joe manchin understands this is causing inflation and unbelievable amounts of debt and don't know who is going to pay for it. we when joe manchin will stop if he sticks to his guns, you won't get any more spendable bits and pieces of build back better there were divided senate if senator manchin says no. >> other bills, china bill up here, do nothing to control doing business with china. it is a complete waste of money with no accountability. might not be billed back better but other bills they want to

spend money on. stuart: i want to talk about china and energy, you and your colleague marco rubio introduced a bill to ban oil exports from the united states to china. that is your bill. there's a lot of pressure to and all exports of all energy so we would have more for ourselves. what do you say to that? >> we got to do what we can to help our allies but china has decided not to be our ally. we have $5 gas here and china decided to be our adversary. i get briefings all the time whether military wants to do. they want to defeat us, they don't like our way of life, don't want freedom, liberty and democracy, their government is a despicable government, they put people in prison for their religion, take people's organs involuntarily, took away the rights of hong kong citizens, got to stop buying their stuff and stop doing business with them. americans can do this on our

own, stop buying anything from communist china. we what are you leading the anti-china charging congress? >> don't know about leading. china wants to defeat us. i want to live in freedom and democracy and have more jobs in this country, china is the opposite of that. they steal everything. if they open their mouth it is ally. stuart: the president wants a gas tax holiday, federal gas tax holiday and suggests states abandon their gas tax as well. will florida abandon its gas tax? >> i am for gas cuts but you have to stop spending money on roads, bridges and seaports. if biden cared about gas prices, open up the keystone pipeline, he would allow more drilling, drawing safety on federal land, allow permits to be given.

biden is clear. he think this is incredible transition to get rid of fossil fuels, bad for american citizens especially the poorest families across the country and in my state, they can't afford food and gas. it is ridiculous what biden has done. we when i keep asking this question to a lot of people and often get the same answer. do you think $5 gas is deliberate, that they want expensive gas, the greens are pushing this, what do you say? >> he said it. he said it. he said an incredible transition. he said in his campaign he was going to get rid of fossil fuel, absolutely the democrats want this. they want to shutdown to shut down the fossil fuel industry. shutting down families ability to survive. it is their plan all along. stuart: it is political suicide. >> it should be. people are mad about gas prices. every time i philip i see one of the stickers that says he did it. he did do it. it is clear. stuart: they have the stickers in florida? i see them in new jersey.

senator scott, thank you for being with us today. always appreciate it. look at those markets. up and down day, we started at 9:30 eastern with a sharp drop and went to a sharp rise and a modest decline for the dow and look at the nasdaq, modest gain, same with the s&p, mixed market. 11:55 almost, that means the wednesday trivia question is here, good one. please don't google it. it would be easy to google it. how many years did prohibition last? 5, 9, 13, or 17? answer after this. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!

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♪. stuart: did you google it? we so easy to do but i hope you didn't. how many years did prohibition last? this is your choice. i can't read it. five, nine, 13, 17. what is your guess, ashe? >> i would say the least amount it was a failed thing. five years i go with that. stuart: i think you're wrong. what have you got mark? >> i think over a decade i will go with 13. stuart: i will go with 13. there it is. prohibition went into effect in 1930. it was repealed in 1933. i thought that was very extraordinary. when has a major country banned

a social drug to get rid of it? what a experiment. >> yeah. stuart: 13 years of prohibition. we're out of it. the markets are mixed. the dow is down 40. nasdaq is down a little bit. mostly lower but not that much price movement. my time is up. it has been a great show. mark, thanks very much for being with me at time. neil. it is yours. neil: stuart, thank you very, very much. as we hit the noon hour on the east coast of the united states, we're watching reverberation of fed chairman jerome powell on capitol hill. he is giving everyone a different piece of something here. he is cone vinceed right now he will avoid a recession here. says that it is certainly a possibility that interest rates could rise to levels that cause a recession but he is very confident that that can be avoided. he says that the u.s. economy is well-positioned to handle more rate hikes. he did not telegraph how many rate hikes there might be coming. again the